The Weak-Dollar Threat to World Order

By

Judy Shelton

Updated June 9, 2008 12:01 a.m. ET

Imagine how Americans would feel if we suddenly realized that our most trusted trade partners have been slowly but inexorably imposing a tariff against U.S. goods since 2002 &ndash; a tariff now in excess of 50%.

What really stings is that these same trade partners are also our most important allies, in both military and ideological terms. We like to think we share the same moral values when it comes to defending democracy and the...